. >>> now that the election is over, time for president obama to get back to work. the president has a big-time problem on his hands and it has to do with your money. nbc's tracie potts has the details on the nation's looming fiscal cliff. >> i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together. >> reporter: fresh off his election victory, president obama's already been on the phone with top democrats and republicans in congress, urging them to compromise before america falls off the fiscal cliff. what's that? long-term unemployment benefits and the 2% payroll tax cut expiring. a big cut in medicare payments and your taxes going up january 1 if congress doesn't act. plus, another $500 billion in cuts at the pentagon. boeing, the military's second largest supplier, already announced its second round of executive layoffs. >> nobody wants to see this fiscal cliff without a deal because the cuts are severe and the tax increases are severe. and so we've got to find a path forward. >> reporter: on